Dr.Peng Holding Hongkong seeks consents to amend 2˝% notes due 2025

By Marisa Wong

Los Angeles, Jan. 20 – Dr.Peng Holding Hongkong Ltd. has begun a solicitation of consents from holders of its $500 million 2˝% guaranteed senior notes due 2025 (ISIN: XS1611011922), according to a notice.

The issuer will convene a meeting of noteholders on Feb. 13. Holders will consider and vote on an extraordinary resolution that proposes amendments to the terms and conditions of the notes as well as some waivers.

Consent instructions are due by 11 a.m. ET on Feb. 8.

The issuer is offering a consent fee of $2.50 per $1,000 principal amount of notes.

The aggregate amount of notes outstanding as of Jan. 20 is $244,751,825. A pool factor of 57.95% currently applies to notes held through the clearing systems.

The notes originally carried a coupon of 5.05%, which stepped up to 7.55% on June 1, 2020 and was then adjusted to 2˝% on Dec. 1, 2021. The notes were originally set to mature in 2020 and were later extended to 2022 and further to 2025.

Morrow Sodali Ltd. (+852 2319 4130 and +44 20 4513 6933; attn.: debt services team; DrPeng@investor.morrowsodali.com, https://projects.morrowsodali.com/drpeng) is information agent and tabulation agent.

The issuer said it “encourages the noteholders to participate in the consent solicitation and looks forward to noteholders support of the proposal to ensure the long-term success of the group for the benefit of the noteholders and other stakeholders.”

The Hong Kong-based issuer is a subsidiary of Chinese media company Dr.Peng Telecom & Media Group Co., Ltd.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.